<p>
  The momentum pattern examined throughout this tutorial has a greater Sharpe ratio than the SPY during the downfall 
  of the 2020 stock market crash and has more a lower annual standard deviation of returns than the SPY over all the 
  periods we tested. However, we conclude the strategy, which is loosely based on the research of Sapp (2010), does 
  not consistently outperform our benchmark. To continue the development of this strategy, future areas of research 
  include:
</p>


<ul>
  <li>
    Incorporating historical returns and NAV of mutual funds to better-reflect the strategy documented by Saap (2010).
  </li>
  <li>Adjusting the parameters in the ROCAndNearnessAlphaModel.</li>
  <li>Performing more filtering and sorting in the AssetManagementUniverseSelection model.</li>
  <li>Testing other portfolio construction techniques.</li>
</ul>
